Adviser back-office provider Intelliflo says firms which use its full suite of software offerings are £112,000 in revenue better off per adviser every year.
This is compared with advice firms only using part of its offerings.
The firm’s Intelligent Office system is currently used by 31.2 per cent of financial advice firms including national IFA Ascot Lloyd.
In its research paper, Intelliflo says its top-performing firms also have three or four administration staff per adviser.
The paper says: “Whilst technology is bringing about quantifiable results
in advice businesses, so are the people. Those firms which have more admin staff per adviser are also outperforming their peers.”
Intelliflo says: “A combination of the right technology and the right people
is making financial advice businesses more profitable as a result of being able to be more client focused.”
Intelliflo chief operating officer Rob Walton says:“Most firms would say that using their product will enhance a business but few are in a position to demonstrate just how valuable fully engaging and using integrated technology is to the bottom line.”
Nearly a third of the UK’s advice market was impacted by the June news that fund manager Invesco had bought Intelliflo from its private equity owner HgCapital for £200m.
Since then, the provider recently sought out a partnership with pension transfer specialist Selectapension which allows its subscribers to access Selectapension’s pension switching tool.